TIME dotCom Reports 1H 2018 Financial, plans to expand fibre coverage

in Time dotCom28/08/2018Comments Off on TIME dotCom Reports 1H 2018 Financial, plans to expand fibre coverage3,716 Views

TIME dotCom Berhad (“TIME” or “the Group”) posted its 1H 2018 financial results today with a consolidated revenue growth of 10.6% year-on-year (1H 2018: RM468.8 million | 1H 2017: RM423.7 million). Pre-tax profit grew to RM123.2 million from the RM93.4 million recorded for the preceding year.

The company said that the increase in recurring revenue in 1H 2018 was mainly due to higher sales recorded from the data and data centre businesses, which grew RM72.4 million and RM5.6 million, respectively. Growth was recorded across all core customer groups, led by the Group’s Retail customers owing to continued demand for its TIME Fibre Home Broadband services.

Pre-tax profit growth can be attributed to higher overall revenues, improved cost efficiencies and a higher share of profit from investment in associates.

“The growth in 1H 2018 is encouraging but we are also mindful of the changing landscape and increasing level of competition in the market,” said Afzal Abdul Rahim, Commander-in-Chief of TIME dotCom.

TIME dotCom expects the industry to remain challenging for the second half of 2018. It will continue to improve its existing domestic fibre broadband network while also placing emphasis on coverage footprint expansion in the country.

On the regional front, the Group will work with its associates in Thailand and Vietnam to connect Malaysia, Singapore, Myanmar, Cambodia and Laos. TIME dotCom also said it will also explore opportunities to expand its data centre market presence regionally and grow its current ecosystem to include interconnected players from various industries.